Typically, spend risk is managed through the three lines of defense framework -- operations, compliance, and internal audit. Each group works independently for the most part, gathering data and waging their own fact-finding missions to identify errors, misuse and fraud. This siloed approach involves triplicate effort and yields little return for the organization. An integrated risk strategy is emerging as a best practice for connecting the three lines of defense to not only uncover and resolve spend risk, but to also improve compliance with better policy administration.
Watch the webinar to learn how adopting an integrated risk strategy supports:
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